Key Terms
Intellectual Property (IP)
Intangible property representing the commercially valuable product of the human mind. Can be abstract (a melody) or conc
Four categories of IP protection
Patents, trade secrets, copyrights, trademarks.
Source
Article I, Section 8 of the U.S. Constitution — the Copyright Clause.
Text
Congress may "promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors th
Public domain
Works whose IP protection has expired; anyone can freely use, copy, or modify them without permission or royalties. Shak
Patent
The exclusive right to make, use, or sell an invention for a specified period of time, granted by the federal government
Patent holder
The person or entity that owns a patent. Patents can be legally sold.
How the process works
1. Inventor files application with the USPTO 2.
Business method patent
Seeks to monopolize a new way of conducting a business process. A major contributor to the patent filing surge.
Example
A "one-click ordering" patent on a method of completing an e-commerce purchase with a single click. The patent holder li
Compulsory licensing
A procedure under international treaties by which a government can declare a national health emergency and force drug co
Example from source
Antiretroviral HIV/AIDS drugs cost $10,000–$12,000 per year in the U.S. Through compulsory licensing, a generic manufact
Patent infringement
Making, using, selling, or offering to sell a patented invention without the permission of the patent holder.
Most common defense
Challenge the validity of the patent itself.
Patent troll
An individual or company that obtains patent rights not to produce goods or services, but to profit through licensing fe